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Four large steelmakers — Tata Steel, JSW Steel and State-run SAIL and RINL— disclosed their pricing plans to rivals and coordinated accumulation cuts to reduce supplies, an antitrust probe study seen by Reuters shows.
In the astir high-profile antitrust lawsuit involving the alloy sector, an probe by the Competition Commission of India recovered that 28 firms had colluded connected alloy prices, meaning they could look hefty fines, Reuters reported exclusively connected January 6.
The probe study into the 4 large companies that person not been made nationalist shows the committee reviewed dozens of WhatsApp chats, including from groups named “Friends of Steel”, “Tycoons” and “Steel Live Market” that were seized during 2022 manufacture raids. It analysed pricing changes, income and accumulation patterns.
Tata Steel, JSW Steel and State-run Steel Authority of India Limited, oregon SAIL, and Rashtriya Ispat Nigam Limited, oregon RINL, colluded during 2018-2023, the study says.
“There is capable circumstantial grounds ... of concerted efforts by SAIL, RINL, JSW and Tata Steel,” the committee report, drafted successful April 2025, said.
The 4 companies “were influencing the marketplace with the delicate terms information successful advance,” it said. Consultancy BigMint estimates the companies relationship for 44.4% of India’s alloy market.
Tata Steel ‘categorically denies immoderate wrongdoing’
Tata Steel successful a connection to Reuters said it “categorically denies immoderate wrongdoing” and that it determines its prices independently based connected prevailing marketplace conditions and different factors.
It added it will taxable its elaborate responses to the contention commission.
JSW, SAIL and RINL did not respond to requests for remark from Reuters. Their executives denied wrongdoing during the investigation, the study said.
The contention commission, which does not marque immoderate cartel lawsuit details nationalist successful enactment with its rules, besides did not respond.
WhatsApp chats and alloy barroom tycoons
The alloy lawsuit began successful 2021, and the companies were asked successful October to taxable their fiscal details — typically requested for punishment calculations — and stock immoderate last objections.
Senior officials astatine the committee are reviewing the findings. They person powers to enforce fines, oregon overturn probe findings.
Tata, JSW, SAIL and RINL were not raided successful the 2022 operation, but galore smaller firms and manufacture groups were.
India’s contention committee retrieved chats from the phones of different companies’ executives that referred to the pricing plans of JSW, Tata, SAIL and RINL.
The study made nary notation of immoderate connection being written by the four companies’ executives, but said the investigators correlated accusation successful the chats with company’s existent terms changes, and recovered them to beryllium successful synchrony.
One connection successful 2022 was posted successful a radical called “TMT TYCOONS” — TMT refers to alloy bars utilized successful construction. It said: “TODAY SAIL INCREASED Rs. 1000/pmt successful HR COIL/FLAT products. As per adjacent sources, each superior producers are apt to summation prices.”
Another connection from 2020 read: “All main producers similar JSW, Tata... and sail readying to summation TMT terms by 1500 to 2000 pmt from 1st Nov.”
Presentations and ‘clear chopped corroboration’
India is the world’s second-largest shaper of crude steel, and request for the alloy has risen arsenic infrastructure spending has accrued successful the fast-growing large economy.
The contention committee has held JSW’s billionaire Managing Director Sajjan Jindal, Tata Steel CEO T.V. Narendran, 4 erstwhile SAIL chairpersons and 3 erstwhile ones of RINL liable for terms collusion, arsenic Reuters reported earlier this month.
Some of RINL’s interior authorities presentations pointed to the alleged collusion by the 4 players, the study showed.
An RINL presumption to a authorities committee showed that for every period betwixt 2018-19 and 2022-23 it “submitted marketplace prices of TMT bars of SAIL, TATA and JSW for arriving (at) the selling terms of TMT bars by RINL.”
Further, the committee study recovered that astatine slightest successful 2020-21 determination was a “controlled simplification successful accumulation by Tata, JSW, SAIL and RINL to the tune of 16% to 22%”.
One circumstantial RINL presumption to a authorities committee successful 2020 showed that it internally noted determination were “production cuts by manufacturers”.
“These facts (are) tantamount to clear-cut corroboration/admission of allegation of accumulation cuts by the said large alloy manufacturers,” the study said.
